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Thread: Senate passes GOP tax reform bill

  1. #1
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    Default Senate passes GOP tax reform bill

    GOP TAX BILL PASSES SENATE

    An overhaul of the tax system succeeds with 51 votes. It was still being written hours earlier -- and needs to be reconciled with the House version.

    http://www.cnn.com/2017/11/30/politi...est/index.html

    Aaaaaand the wheels on the bus go 'round and 'round......

  2. #2

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    And the only reason the Republicans are doing this tax bill, apparently, is to further enrich their wealthy benefactors so that they will get more campaign donations from them. Hopefully, this will all backfire on the Republicans. According to FiveThirtyEight, this is the only tax bill in history which has a net disapproval rating. In fact, it is more unpopular than previous tax increases were. People are starting to see through their agenda.

    Their only justification for it, government budget-wise, is trickle down economics, which depends on the Laffer Curve, developed by Arthur Laffer. (What a Laffer.) This curve says that lowering taxes can stimulate the economy so much that it increases government revenue. However, not only do we know that money transfers to the wealthy increase wealth and power disparities, and fail to trickle down to the general public, but also, in actual studies, the optimum effective tax rate under the Laffer Curve is around 70%, maybe even a little higher. The effective tax rate in the United States, prior to this bill which lowers it still further, was 29.8%, including all taxes (local, state, federal and fees), which obviously is FAR lower already that the Laffer Curve evidence would advocate. But Republicans have never seen a tax that they like, and continue to play tax rate limbo, trying to see how low they can go before they whole system collapses. I suspect we are about to find out, as even Goldman Sachs is warning that the low tax rates in the U.S. are threatening to cause national debt levels to reach unsustainable levels.

    Further, the Congressional Budget office did an analysis in 2006, I think it was, which found that a 10% decrease in the tax rate would result in transfers of wealth to the rich, ultimately to be paid for by other Americans. Plus, to top it off, the best job growth rates are found when the top tier tax rates are between 85% -90%. In short, the entire thing is a rich person's scam on the rest of us.

  3. #3

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    Quote Originally Posted by Natural Lefty View Post
    And the only reason the Republicans are doing this tax bill, apparently, is to further enrich their wealthy benefactors so that they will get more campaign donations from them. Hopefully, this will all backfire on the Republicans. According to FiveThirtyEight, this is the only tax bill in history which has a net disapproval rating. In fact, it is more unpopular than previous tax increases were. People are starting to see through their agenda.

    Their only justification for it, government budget-wise, is trickle down economics, which depends on the Laffer Curve, developed by Arthur Laffer. (What a Laffer.) This curve says that lowering taxes can stimulate the economy so much that it increases government revenue. However, not only do we know that money transfers to the wealthy increase wealth and power disparities, and fail to trickle down to the general public, but also, in actual studies, the optimum effective tax rate under the Laffer Curve is around 70%, maybe even a little higher. The effective tax rate in the United States, prior to this bill which lowers it still further, was 29.8%, including all taxes (local, state, federal and fees), which obviously is FAR lower already that the Laffer Curve evidence would advocate. But Republicans have never seen a tax that they like, and continue to play tax rate limbo, trying to see how low they can go before they whole system collapses. I suspect we are about to find out, as even Goldman Sachs is warning that the low tax rates in the U.S. are threatening to cause national debt levels to reach unsustainable levels.

    Further, the Congressional Budget office did an analysis in 2006, I think it was, which found that a 10% decrease in the tax rate would result in transfers of wealth to the rich, ultimately to be paid for by other Americans. Plus, to top it off, the best job growth rates are found when the top tier tax rates are between 85% -90%. In short, the entire thing is a rich person's scam on the rest of us.
    The big question is will the voters in 2018 see this and throw the bums out. (as in flipping the House of Representatives)

  4. #4

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    Yes indeed it is, Eric. If the results of recent polls and elections that have been held this year are any indication. it appears that conditions are very favorable for Democrats now as people wise up and revolt against these Republicans who serve the super rich rather than the public.

    Republicans have already been taking a shellacking in November's elections that were held in a few states, as well as special elections.

  5. #5

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    Where are all the fiscal conservatives at, throw your hands in the sky!!



    Oh wait, they're too busy ignoring the bit about the $1,000,000,000,000.00+ this will add to the national debt that they, and their government reps, pretend to be concerned about.

    They're probably on Facebook still clicking on Russian bought ads and using the #LockHerUp hashtag.

    Last edited by DarkShadow; 12-04-2017 at 07:59 PM. Reason: My math was wrong

  6. #6

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    Quote Originally Posted by Lady Quagga View Post
    GOP TAX BILL PASSES SENATE

    An overhaul of the tax system succeeds with 51 votes. It was still being written hours earlier -- and needs to be reconciled with the House version.

    http://www.cnn.com/2017/11/30/politi...est/index.html

    Aaaaaand the wheels on the bus go 'round and 'round......
    Oh noooo!! Go to your safe space now. You will be ok.

  7. #7

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    Quote Originally Posted by CHUCKY View Post
    Oh noooo!! Go to your safe space now. You will be ok.
    Deflection much?

    Anything to add Chucky in regards to the topic at hand? Or anything in general?

    Or are you waiting for your pundits to release their talking points to your fellow parrots before squawking?

  8. #8

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    Quote Originally Posted by CHUCKY View Post
    Oh noooo!! Go to your safe space now. You will be ok.
    We will be ok??? Anyone who is a Home owner should say, "you did what to the value of my home!!!" Because of the $500,000 limit of the mortgage interest deduction in the tax plan. The effect will be an 5% decrease of the value of peoples homes Nation wide as predicted by many experts. Places like California might see a loss of as much as an 10% decrease in the value of your home.

    I just went by one of the streets I was going to target for my Real Estate Marketing. I couldn't believe it, 3 houses out of 22 had for sale coming soon signs in front of the house. Some people are already panicking and wanting to sell quick before the prices start to drop!!!
    Last edited by etucker1959; 12-04-2017 at 07:58 PM.

  9. #9

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    Dark Shadow, you actually were three zeroes short in the amount of additional national debt caused by this bill. It's 1,000,000,000,000 which is a trillion dollars. That is a one and 12 zeroes. You only put nine zeroes after the one, which is a billion dollars. Mind boggling, isn't it?

  10. #10

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    Quote Originally Posted by CHUCKY View Post
    Oh noooo!! Go to your safe space now. You will be ok.
    Chucky, Chucky, Chucky
    You're going to have to do waaaaaaaay better than that.

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